Dry CargoEurope

Fleet changes at Taylor Maritime Investments

London-listed Taylor Maritime Investments has made some fleet changes, offloading one vessel while cancelling the sale of another, which will leave the Edward Buttery-led company with a total of 27 ships.

The dry bulk specialist has agreed to sell an unspecified 2009-built handysize vessel for $17.2m. The vessel was an IPO seed asset.

Buttery, the CEO of the shipowner, commented: “Through this sale, we’ve been able to crystallise the increase in asset values since the end of the last quarter.”

Taylor Maritime Investments has also decided to cancel the sale of a handy which Splash has identified as the Good Stag, which had been earmarked for sale in March to a consortium which includes Buttery’s father, Chris. The vessel’s value has increased by more than 10% over the sale price since late March and the ship has ​now been fixed on a one-year charter at a yield in excess of 40%.

Taylor Maritime Investments revealed today its current average net time charter rate for the fleet is $20,250 per day with an average annualised unlevered gross cash yield of 29%.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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